DALLAS–(BUSINESS WIRE)–CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that it has entered into a new $206 million secured credit facility. The new facility matures in December 2025 with two one-year extension options and replaces the company’s prior credit facility that was set to mature in October 2023.
“We are pleased to close this facility and extend our debt maturities,” said David Thompson, Chief Executive Officer of Creative Media & Community Trust Corporation. “We believe this facility and our diversified sources of capital position us well to capitalize on opportunities as we head into the new year.”
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that seeks to own, operate and develop premier multifamily and creative office assets in vibrant and emerging communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT seeks to apply the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration (“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities. (www.creativemediacommunity.com).
